Section 32Sec./Art. 32

A new section entitled Section 88-B is hereby included in the same Act to read as follows:

"Sec. 88-B. Deputization of Legal Staff in Case of Foreclosures. - In case of an extrajudicial foreclosure of mortgage in connection with loans and advances under this article, the Bangko Sentral may deputize any of its lawyers to conduct the public auction pursuant to Act No. 3135, as amended.

"Likewise, in case of a judicial foreclosure in connection with loans and advances under this article, the Bangko Sentral may, with the approval of the court, deputize any of its lawyers to act as special sheriff in the sale of a debtors properties and in the enforcement of court writs and processes related thereto. The special sheriff of the Bangko Sentral shall make a report to the proper court after any action has been taken by him, which court shall treat such action as if it were an act of its own sheriff in all respects.

"No restraining order or injunction shall be issued by the court enjoining the Bangko Sentral from proceeding with the foreclosure of the mortgage unless a bond is posted in favor of the Bangko Sentral in an amount equivalent to the total claim of the Bangko Sentral. The restraining order or injunction shall be refused or, if granted, shall be dissolved upon filing by the Bangko Sentral of a bond, which shall be in the form of a Bangko Sentral check, in an amount twice the amount of the original bond posted conditioned that the Bangko Sentral will pay the damages which the party may suffer by the refusal or dissolution of the injunction.

The provisions of the Rules of Court on injunctions insofar as they are applicable and not inconsistent with the provisions of this section shall govern the issuance and dissolution of the restraining order or injunction contemplated in this section."